You Can Go To Mars With This 🪙

Howdy Buddy!

And, 👋 Welcome to Switch Daily.

Damn! Yesterday was a slooowww Monday — even the markets felt lazy and refused to move much. But, wipe that away coz it’s a brand new day and we’ve scouted for a story beyond Earth. So, get your space suit on and let’s go into the future.

Here’s what we’ve got for you:

• Market pulse

• Martian Money

• Sassy news

• Meme of the day

Market pulse 📈

The market is bending backwards 🫤

It has been a bearish start of the week for the crypto market. Shedding $30 billion, the market cap inched toward the $900 billion mark. The worsening geopolitical situation and the fear of steeper Fed rate hikes added to the selling pressure.

BTC dropped by over 2.3% in the last 24 hrs and ETH is below the key support of $1,280 level. The worsening geopolitical situation and increased chatter of a steeper Fed rate hike are pulling the market down. Fear & Greed Index continues to be in the extreme fear zone.

Move over 🌙; The Red Planet Isn’t Far

Hello Martians, your attention, please.

The spaceship is about an hour away from Mars. We request you keep your oxygen masks and Marscoins safe while deboarding. Welcome to the Red Planet.

Oops, that’s just me dreaming as I travel on the BMTC bus through Bangalore traffic. But wait, oxygen masks while going to Mars make sense, but what’s this Marscoin?

That eh?

In 2014, a man named Lennart Lopin created a crypto — Marscoin, to help establish the first human colony on Mars.

Their whitepaper says they wouldn't want the Martians to cut down the few trees of the red planet to print money but instead use blockchain technology to build their economy and trade between them and earth efficiently.

Currently, the value of one Marscoin is $0.05872, one of the longest-running blockchains. Come on; we are not joking; see for yourself 👇🏽

This altcoin is derived from the Litecoin fork of Bitcoin and is dedicated to supporting Mars's colonization and other space-related projects. Turns out that by just simply using or transacting this coin, you will contribute to making the dream of living on Mars a reality. They even want to Decentralize Humanity (that’s their tagline)

Now we may ask if blockchain technology can work on Mars, why not use Bitcoin? Why do we need a new coin?

According to Marscoin, Two factors prevent Bitcoin from becoming the Martian currency:

• the speed of light in communication with planet Earth

• the network effect of being “first.

So, they say that a delay between the planets brings about a need for Marscoin. They have even described how this will technically work. We won’t delve into the details, but if you’d like to know, check this.

In 2014, Lopin gave away 8,00,000 Marscoins to the Mars Society and Mars One — organizations dedicated to bringing humans into Mars. Mars One is dysfunct, but Mars society is fully functional. They claim to be ‘long term hodlers’ of Marscoin and are accepting donations for the cause too.

So, if you happen to hold some Marscoin and want to live on Mars one day, you may want to consider donating it to the Mars Society 😉. If not, cheers bruh, let’s do a lungi dance, sip on our nariyal pani and be grateful for the bounty on earth.

What’s on today’s headlines? 🗞️

🏢Institutional crypto adoption on a tear in Brazil

Brazil has something to cheer about amid the ongoing crypto bear market, registering record-high institutional adoption of crypto. According to the Brazilian Tax Authority (RFB), the country saw a significant increase in the number of institutions registering crypto ownership in August. Read more.

❌Dapper Labs restricts Russian accounts

Dapper Labs, specializing in NFT collectibles, restricted all Russian accounts after the latest sanctions from the European Union (EU) against the country and its nationals over invading Ukraine. Read more.

😠PayPal policy sparks Twitter rage

Online payment network PayPal has withdrawn a recent policy change that sought to impose a fine of $2,500 on its users for spreading “misinformation.” The company was forced to retract the policy after the decision received significant social media backlash from the crypto community. Read more.

⚒️Bitcoin mining difficulty jumps to all-time high levels

Mining Bitcoin has become more difficult now. The difficulty level reached an ATH of 35.61 trillion hashes on Monday. Read more.

Web3 Community Spotlight

Wanna learn Web3? Join The Product House!

Who are they again?

• The Product House is India's coolest and fastest-growing web3 community.

• They’re on a mission to help folks learn, earn and build in web3.

• They offer dope features like live-learning sessions, IRL mixers, hands-on workshops, gaming nights, and, most importantly, a sense of community.

Check them out! 👇🏽

Meme of the day

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See you tomorrow, folks. 👋

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